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Global News
22 minutes ago
- Global News
Harvard to face Trump administration in court over funding cuts
Harvard University will appear in federal court Monday to make the case that the Trump administration illegally cut US$2.6 billion from the storied college — a pivotal moment in its battle against the federal government. If U.S. District Judge Allison Burroughs decides in the university's favor, the ruling would reverse a series of funding freezes that later became outright cuts as the Trump administration escalated its fight with the nation's oldest and wealthiest university. Such a ruling, if it stands, would revive Harvard's sprawling scientific and medical research operation and hundreds of projects that lost federal money. 'This case involves the Government's efforts to use the withholding of federal funding as leverage to gain control of academic decisionmaking at Harvard,' the university said in its complaint. 'All told, the tradeoff put to Harvard and other universities is clear: Allow the Government to micromanage your academic institution or jeopardize the institution's ability to pursue medical breakthroughs, scientific discoveries, and innovative solutions.' Story continues below advertisement A second lawsuit over the cuts filed by the American Association of University Professors and its Harvard faculty chapter has been consolidated with the university's. Harvard's lawsuit accuses President Donald Trump's administration of waging a retaliation campaign against the university after it rejected a series of demands in an April 11 letter from a federal antisemitism task force. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The letter demanded sweeping changes related to campus protests, academics and admissions. For example, the letter told Harvard to audit the viewpoints of students and faculty and admit more students or hire new professors if the campus was found to lack diverse points of view. The letter was meant to address government accusations that the university had become a hotbed of liberalism and tolerated anti-Jewish harassment on campus. 0:41 Trump signs proclamation to block almost all international students from attending Harvard Harvard President Alan Garber pledged to fight antisemitism but said no government 'should dictate what private universities can teach, whom they can admit and hire, and which areas of study and inquiry they can pursue.' Story continues below advertisement The same day Harvard rejected the demands, Trump officials moved to freeze US$2.2 billion in research grants. Education Secretary Linda McMahon declared in May that Harvard would no longer be eligible for new grants, and weeks later the administration began canceling contracts with Harvard. As Harvard fought the funding freeze in court, individual agencies began sending letters announcing that the frozen research grants were being terminated. They cited a clause that allows grants to be scrapped if they no longer align with government policies. Harvard, which has the nation's largest endowment at US$53 billion, has moved to self-fund some of its research, but warned it can't absorb the full cost of the federal cuts. In court filings, the school said the government 'fails to explain how the termination of funding for research to treat cancer, support veterans, and improve national security addresses antisemitism.' The Trump administration denies the cuts were made in retaliation, saying the grants were under review even before the April demand letter was sent. It argues the government has wide discretion to cancel contracts for policy reasons. 'It is the policy of the United States under the Trump Administration not to fund institutions that fail to adequately address antisemitism in their programs,' it said in court documents. The research funding is only one front in Harvard's fight with the federal government. The Trump administration also has sought to prevent the school from hosting foreign students, and Trump has threatened to revoke Harvard's tax-exempt status. Story continues below advertisement Finally, last month, the Trump administration formally issued a finding that the school tolerated antisemitism — a step that eventually could jeopardize all of Harvard's federal funding, including federal student loans or grants. The penalty is typically referred to as a 'death sentence.'
Globe and Mail
22 minutes ago
- Globe and Mail
The Zacks Analyst Blog Highlights Taiwan Semiconductor Manufacturing, NVIDIA, Apple, Advanced Micro Devices, Broadcom and Intel
For Immediate Release Chicago, IL – July 21, 2025 – announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Taiwan Semiconductor Manufacturing Co. Ltd. TSM, NVIDIA Corp. NVDA, Apple Inc. AAPL, Advanced Micro Devices, Inc. AMD, Broadcom Inc. AVGO and Intel Corp. INTC. Here are highlights from Friday's Analyst Blog: 3 Reasons to Buy Taiwan Semi Besides +61% Q2 Profit Surge Taiwan Semiconductor Manufacturing Co. Ltd., or TSMC, recently reported a record surge in second-quarter profit as it continues to benefit from the artificial intelligence (AI) megatrend. TSMC is also expected to grow further for three main reasons. Let's examine those reasons and what makes TSMC stock a compelling buy now. TSMC's Positive Q2 Results & Outlook Boosts Share Price On Thursday, TSMC reported that its net income surged 60.7% year over year to NT$398.27 billion in the second quarter, a record high and significantly higher than estimates. TSMC's revenues for the June quarter came in at NT$933.80 billion, up 38.7% year on year, and above projections. TSMC's second-quarter sales rose as demand for AI chips remained strong. The company's high-performance computing division, which includes AI and 5G applications, accounted for 60% of the second-quarter revenues. Strong demand for TSMC's progressive 3nm and 5nm node semiconductor chips also contributed to revenue growth. Banking on the growing demand for TSMC's advanced processors for clients, including NVIDIA Corp. and Apple Inc., the company projected third-quarter revenues between $31.8 billion and $33.0 billion, up 38% year over year. For 2025, TSMC expects revenues to surge nearly 30% when measured in U.S. dollar terms. After the recent positive quarterly results and an optimistic forecast, TSMC stock popped. TSMC's shares have outperformed the Semiconductor - Circuit Foundry industry year to date (+24.2% vs. 20.3%). 3 More Reasons to Be Bullish on TSMC Stock TSMC holds a leading position in the semiconductor industry. It controls nearly 67% of semiconductor manufacturing, giving it significant pricing power. Being the first to introduce the third-party foundry model also grants TSMC dominance in the chip foundry sector. Regarding dominance, all major players in the industry, such as NVIDIA, Advanced Micro Devices, Inc. and Broadcom Inc., are the key customers of TSMC. Conversely, TSMC's competitor, Intel Corp., has faced recent difficulties. TSMC also faces headwinds from President Donald Trump's tariffs. Taiwan is subject to 32% tariffs, with Trump warning of further tariffs on semiconductors. U.S. export controls also restrict TSMC's business with China. However, recently, NVIDIA and AMD received assurance from the U.S. government to ship products to China, which is a positive development for TSMC as well. Additionally, TSMC is expanding beyond Taiwan, with plans to establish manufacturing plants in Japan, Germany and the United States soon. Manufacturing a semiconductor plant is not easy; it involves a complex and cumbersome process. The technology is not only intricate but also requires significant capital investment. As a result, many advanced companies have chosen not to build their facilities and instead rely on TSMC. This high barrier to entry has helped TSMC keep potential rivals at bay. TSMC Stock to Buy Hand Over Fist While encouraging second-quarter results boosted TSMC's stock price, the company is primed for growth in the years ahead due to its competitive advantages, expansion efforts and significant barriers to entry in the semiconductor industry, where it already holds a dominant position. Brokers are also optimistic about the company's prospects. They predict TSMC stock's average short-term price target at $244.75, reflecting a 3% increase from the last closing price of $237.56. The highest target stands at $270, suggesting a potential upside of 13.7%. Additionally, the $9.54 Zacks Consensus Estimate for TSMC's earnings per share has increased 15.5% annually. TSMC, therefore, rightfully holds a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 (Strong Buy) Rank stocks here. Research Chief Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months. Free: See Our Top Stock And 4 Runners Up Zacks Investment Research 800-767-3771 ext. 9339 support@ Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit for information about the performance numbers displayed in this press release. One Big Gain, Every Trading Day To help you take full advantage of this market, you're invited to access every stock recommendation in all our private portfolios - for just $1. Zacks private portfolio services that closed 256 double and triple-digit winners in 2024 alone. That's about one big gain every day the market was open. Of course, not all our picks are winners, but members have seen recent gains as high as +627% +1,340%, and +1,708%. Imagine how much you could profit with a steady stream of real-time picks from all our services that cover a number of strategies to suit a variety of investing and trading styles. See Stocks Now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Intel Corporation (INTC): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report Advanced Micro Devices, Inc. (AMD): Free Stock Analysis Report NVIDIA Corporation (NVDA): Free Stock Analysis Report Broadcom Inc. (AVGO): Free Stock Analysis Report
CTV News
22 minutes ago
- CTV News
Domino's beats quarterly sales estimate on strong U.S. demand
Domino's Pizza surpassed analysts' expectations for second-quarter U.S. same-store sales on Monday, driven by new items on the menu and promotions, amid persisting macroeconomic uncertainties, sending shares up nearly five per cent in premarket trade. The world's largest pizza chain introduced items such as the parmesan-stuffed crust pizza to its list, and attracted value-conscious consumers through deals under its rewards program. These efforts helped offset the impact from U.S. President Donald Trump's fluctuating tariff policies and the resulting trade tensions. Consumer spending has declined in recent months due to rising inflation and uncertainty surrounding Trump's policies, prompting customers to seek value offerings rather than expensive dine-out options, which has benefited pizza chains like Domino's. 'In the U.S., both delivery and carry out grew, driving meaningful market share gains,' Domino's CEO Russell Weiner said. Domino's posted a 3.4 per cent rise in same-store sales in the U.S. for the quarter ended June 15, exceeding analysts' average estimate of a 2.21 per cent rise, according to data compiled by LSEG. That marked its first beat in five quarters. The company's online sales also grew, helped by discounts and from the success of its partnership with DoorDash, which doubled its share of sales made through third-party delivery channels to roughly five per cent, according to Matt Goodman, analyst at research firm M Science. International same-store sales grew 2.4 per cent, also ahead of the estimate of 1.71 per cent growth, while quarterly revenue rose 4.3 per cent to US$1.15 billion, in line with estimates. Domino's posted quarterly earnings per share of $3.81, compared with the estimate of $3.95. The company said price hikes on the ingredient packs supplied to outlets reduced the gross margin for its U.S. company-owned stores by 2%. (Reporting by Neil J Kanatt in Bengaluru and Waylon Cunningham in New York; Editing by Shilpi Majumdar and Tasim Zahid)
